Table of content
Falcon TechnoProjects India Limited Introduction
Falcon Technoprojects India Limited is a company that was founded in 2014 and is known for providing mechanical, electrical, and plumbing (MEP) services across India. They operate in various industries, including nuclear power, construction, housing estates, and petroleum refineries1. The company has been involved in an IPO recently, which opened for subscription on June 19
Brief about Company of Falcon TechnoProjects India Limited
Summary of the business of our Company of Falcon TechnoProjects India Limited
Company is engaged in the business of providing Mechanical, Electrical and Plumbing (“MEP”) services to PAN India customers
In Year 2010, Mr. Bharat Shreekishan Parihar established MEP consulting and contracting business as a Sole proprietorship firm. The business operations gradually scaled up and with a vision to cater all project solutions under one roof, he founded and incorporated “Falcon Technoprojects India Private Limited” in 2014.
History of (Falcon TechnoProjects India Limited)
Company was originally incorporated on September 09, 2014, as a private limited Company under the name and style of ‘Falcon Techno projects India Private Limited’
| 2014 | Incorporation of our Company as a Private Limited Company |
| 2020 | Company has achieved a Turnover of more than ₹ 13 Crore. |
| 2020 | Received Single Order of more than ₹ 8 Cr from Larsen & Toubro Limited (L&T Ltd.) |
| 2022 | Company has achieved a Turnover of more than ₹ 20 Crores. |
| 2022 | Received ISO Certification 9001:2015 |
| 2023 | Conversion of our Company from a Private Limited to a Public Limited Company |
Main Objects of Our Company (Falcon TechnoProjects India Limited)
The object clauses of the Memorandum of Association of our Company enable us to undertake our present activities. The main objects of our Company as contained in our Clause III (A) of Memorandum of Association of our Company are as follows:
- To carry on the business of taking works contract projects like mechanical electrical plumbing (MEP), MEP Consulting, firefighting activities, HV AC, IT,BMS and Software services, Security and Surveillance services, Panel manufacturing and also import, export, resell, trade in related electrical equipment.
- To carry on the business of advertisement, advertising agents, advertisement contractors, marketing, media planners, and designers of advertisements through gift articles and novelties material required for hoarding sites, neon signs, exhibitions held for sales promotion, market development.
Promoters & Directors (Falcon TechnoProjects India Limited)
As on the date of this Prospectus, Mr. Bharat Shree kishan Parihar and Mrs. Sheetal Bharat Parihar are the Promoters of our Company.
| Name | Designation |
| Bharat Shreekishan Parihar | Managing Director |
| Sheetal Bharat Parihar | Non- Executive Director &Chairperson |
| Swapnil Sandeep Navale | Non- Executive Director |
| Priyanka K Gola | Independent Director |
| Sumitkumar Hareshbhai Patel | Independent Director |
Share Holding pattern (Falcon TechnoProjects India Limited)
| Particulars | % of Shares to Pre-Issue Equity Share Capital |
| Bharat Shreekishan Parihar | 65.15% |
| Sheetal Bharat Parihar | 13.49% |
| Shreekishan Parihar | 5.56% |
| Nidhi Jodawat | 4.33% |
| Ram prakash Dhohare | 4.33% |
| HAMM Consultancy Services Private Limited | 2.81% |
| Kiran Dinesh Pachori | 2.16% |
| Dinesh Pachori (HUF) | 2.16% |
| Total | 100.00% |
Qualitative Factors (Falcon TechnoProjects India Limited)
- Experienced Management team having domain knowledge to scale up and expand into new opportunities;
- Dedicated technical & functional team to provide solutions to our customers;
- Experience of handling large & complex projects;
- Multi-year relationships with most customers;
- Improving operational efficiency.
Strategy (Falcon TechnoProjects India Limited)
- Retain, strengthen and grow customer base with a focus on maintaining relationships with existing customers
- Growing market share in key segments
- Improve operating margins
- Increase our Geographical spread with existing services and provide additional services where we have presence
Industry Outlook
Mechanical, Electrical, and Plumbing (“MEP”) services refer to installation services that provide comfortable spaces for building occupants. These services specifically deal with the design, selection, and installation of integrated MEP systems. It includes installing air-conditioning systems, power and lighting systems, water supply and drainage, fire prevention and fighting systems, telephones, etc. By integrating these separate systems into one, their operation can be made more energy-effective. The design of MEPs is important for planning, decision-making, accurate documentation, performance and cost estimation, construction, and ultimately facility operation/maintenance. MEP services specifically cover the in-depth design and selection of these systems, rather than simply installing the equipment.
Outlook for the Real Estate Sector
- According to a report ‘India Real Estate: Vision 2047’ released by National Real Estate Development Council and Knight Frank India, the Indian real estate sector is estimated to increase by more than 12-fold to USD 5.8 trillion (USD 5,800 billion) by 2047 from USD 477 billion last year. The sector is expected to contribute over 15% to the total economic output of the country in 2047 from an existing share of 7.3%.
- The size of the residential real estate market is estimated to grow to USD 3.5 trillion in 2047 from USD 299 billion last year. The size of the office real estate market is likely to grow to USD 473 billion from USD 40 billion, while the warehousing market is expected to reach USD 34 billion from USD 2.9 billion.
Mechanical Electrical and Plumbing (MEP) Services Overview
Mechanical, electrical & plumbing (MEP) services is the umbrella term for the range of technical /
engineering services in the construction domain that are used to transform a building to be fit for human occupancy. The MEP service provider offers turnkey solution majorly to the residential, commercial, and industrial buildings, airports, hospitals, educational units, hotels, laboratories, research centers amongst others.
MEP services are key elements for efficient functioning of buildings, ensuring proper environmental conditions, energy conservation and compliance with the required building codes and standards for making the building safe and habitable. MEP services need detailed planning, designing, installation and maintenance to optimize performance, provide higher energy efficiency and improve occupant safety and comfort. Breakdown in the MEP system can affect the entire operations of the building and cause great inconvenience to the residents.
- The key components of MEP include:
- Mechanical Engineering: Mechanical systems are generally those systems associated with HVAC (heating, ventilation, air conditioning systems) but can also comprise elevators, escalators, fire protection systems etc. The three most common types of mechanical design work in commercial construction include space heating, air conditioning and mechanical ventilation. Such systems interact with each other to ensure that temperature and humidity is maintained within a certain pre- determined range deemed suitable for the inhabitants. Mechanical design involves laying out optimal routes for heat distribution systems such as air ducts, hydronic piping, or steam piping.
- Electrical Engineering
- The deals with distribution and supply of electricity, communication systems, control and security systems, alarm detection, interior and exterior lighting etc. In high-rise construction finding the optimal routes for conduit and wiring is one of the major challenges which can be overcome by using MEP which allows conduit and wiring to be laid out with minimal circuit lengths and avoid location conflicts with mechanical and plumbing installations. During the MEP design process, mechanical and electrical engineers collaborate closely on HVAC systems as the mechanical engineers calculate heating and cooling loads to determine equipment capacities, while the electrical engineers design the electrical circuits and protection measures that allows equipment to operate continuously and safely.
- Plumbing Engineering
- Plumbing systems comprise pipes, tubes, tanks, valves etc. that facilitate the movement and storage of fluids used for water supply, treatment and recovery, waste removal, heating and cooling etc. MEP plays a key role for plumbing systems as they interact with both mechanical and electrical systems. For example, high-rise buildings typically need water booster pumps that require electricity. Domestic hot water systems get their heat through a boiler, or a heat exchanger connected to a space heating boiler or an electric heater.
Some of the most common MEP services deployed in construction industry include
| Mechanical Engineering | Electrical Engineering | Plumbing Engineering |
| -HVAC Systems -Central Plant Design -Exhaust Systems -Direct Digital Control Systems -Heating Water Systems -Chilled Water System | -Comprehensive Electrical System Design -Onsite Power Generation Requirements and Distribution -Integration of IT and AV (audio visual) Into Overall Building Design -Device Coordination and Arc Fault Services -Lightning Protection Systems Fire Alarm Systems | -Hot and Cold-Water Systems -Water Conservation Systems -Domestic Waste and Vent Systems -Storm Water Systems -Automatic Sprinkler Systems -Fuel Gas Piping Systems |
| Energy Management | Lighting Design | Communication Technologies |
| -Thermal Storage Systems -Energy Recovery Systems -Free Cooling Systems -Utility Monitoring Systems -Chilled Beam Systems -Displacement Ventilation Systems -Dedicated Outside Air and Underfloor Air Distribution Systems | -Architectural Lighting Plan Design -International Design and Lighting Specifications -Lighting Control Design -Renderings and Other Lighting Visualization Techniques -Illuminance Calculations Color Temperature Analysis -Custom Lighting Design | -Voice, Data and Video Integration -Security and Alarm Systems Integration Audio/Visual System -Design |
| Commissioning | Sustainable Design | |
| -Design Stage Reviews Functional Testing -Owner Training System Documentation | -Cost Effective Designs -Leadership in Energy and Environmental Design (LEED) Consulting -Exploring Alternative Sources of Energy -Energy Conservation Technologies -Energy Modelling | |
Transitions in the Industry
- The global market for MEP services is driven by infrastructure development happening across the world. Across developing economies, there is a relentless push to improve infrastructure pertaining to commercial, residential, industrial, and civil construction and this push is creating demand for MEP services. Meanwhile in the developed world the demand for MEP services is driven by upgradation of infrastructure facilities.
- Based on service, the global MEP market is categorized into three segments: consulting & engineering, maintenance & support, and system integration. North America is the largest market, but the growth has shifted to Asian market owing to the presence of some of the fastest growing developing economies in the world.
Opportunities
MEP services is a specialized type of service as it involves the integration of different system at different levels. An inefficient MEP system can prove to be a high-risk factor for the entire building’s system. As MEP providers have the required skill sets and knowledge to handle such operations, developers prefer to outsource these services to MEP specialists who are more capable of handling these activities. Further, with increasing adoption of MEP systems, the relationship between the MEP providers and buyers is shifting from a contractual / transactional basis to a long-term relationship basis which is more collaborative in nature. Also, by outsourcing these services the end users can continue to focus on their core business activities as well as nullify the issues associated with training, maintaining and retaining of skilled workforce required for MEP services.
Challenges
Today, the world is moving towards smart buildings, wherein the buildings are closely integrated with technology. Smart homes and connected buildings are a reality today, and the penetration of smart devices (from smart speaker to lighting system to locks) is becoming widespread. This calls for a new level of competence and skillsets from the MEP sector, who should be equipped to meet the tall demands from the customer segment. Thus, to stay relevant, the MEP players are finding it integral to invest in upgrading their skills and capabilities, making them more technology friendly.
Innovations and Trends in MEP Industry
The rapid growth of commercial infrastructure such as office buildings, retail spaces, hotels, healthcare facilities on the back of economic revival and increasing per capita income are driving the growth of the MEP segment. It is also supported by the increasing demand for energy-efficient and sustainable MEP services to meet environmental regulations and reduce operating costs. Moreover, the rising adoption of advanced technologies, such as BIM, building automation and smart systems etc., in commercial buildings is further boosting the demand for MEP services.
As the MEP market continues to be fragmented, some of the small and mid-sized players with MEP as their core business include –
| Total Income (Rs Million) | CAGR FY2020-22(%) | |||
| Company | FY20 | FY21 | FY22 | |
| Anemo Projects Private Limited | 448 | 268 | 354 | -11.1 |
| Atom MEP Engineers Private Limited | 80 | 20 | 68 | -7.8 |
| BR MEP Engineers Private Limited | 68 | 288 | 371 | 133.6 |
| INI Infrastructure & Engineering Private Limited | 55 | 51 | 58 | 2.7 |
| MECELP Projects Private Limited | 22 | 18 | 13 | -23.1 |
| PillarPlus Private Limited | 0.6 | 12 | 12 | 347.2 |
| QDC India Consulting Private Limited | 54 | 63 | 93 | 31.2 |
| Vaya MEP Engineers Private Limited | 31 | 13 | 25 | -10.2 |
Growth Outlook in Indian MEP Industry
The outlook for the MEP industry is directly proportional to the progress of the construction industry. As the Indian growth story continues with its momentum, industrial infrastructure will be playing a key role in it. Initiatives such as the building of 50 new airports, aerodromes, helipads etc. announced during the FY 2023 – 24 Budget will definitely support the growth of the MEP sector.
Business Data (Falcon TechnoProjects India Limited)
Verticals (Falcon TechnoProjects India Limited)
- Mechanical Services:
- Mechanical systems are those systems associated majorly with Firefighting and HVAC services. Under firefighting services, our Company provides a wide range of solutions like fire hydrant and wet riser system, Sprinkler System, water spray system, gas-based suppression system like CO2 system, etc. in the area of life & property safety in accordance with standards/regulations viz. NBC, TAC & NFPA. To provide such services our designing team uses the latest drawing tools & software including AutoCAD and Pipe net to enhance design accuracy. Under HVAC services we provide solutions relating to heating, ventilation, air conditioning systems and also comprise elevators, escalators etc. on basis of client requirements. Our HVAC services include design, supply, installation, service and maintenance of air conditioning and ventilation solutions for all types of commercial, industrial and domestic environments. We work closely with architects, consulting engineers, contractors and end users to supply efficient and cost-effective air- conditioning solutions available. We further provide assistance and services relating to central plant designing, exhaust systems, direct digital control systems, heating water systems, and chilled water systems. We also prepare initial blue-prints, lay outs and drawing for clients which helps them in customized plant designing.
- Electrical Services:
- Company undertakes turn-key electrical projects and is principally engaged in executing and providing electrical engineering service for power, process, industrial and commercial projects both High Tension (HT) as well as Low Tension (LT) for the public and private sector undertakings. Our Company further provides services required for power generation, lighting fixtures, fans and air conditioning systems, connecting electric appliances through audio / remote controls, touch panels, architectural lighting plan design, design and lighting specifications, lighting control design, energy management, integration of IT (information technology) and AV (audio visual) for overall building design.
- Plumbing Services:
- Company provides services of sanitary fixtures & fittings, internal drainage (above ground) system, external drainage (underground) system, rain water disposal system, water supply system, rainwater harvesting, plant & utilities etc. Our plumbing team provides solutions in saving water and energy conforming to Leadership in Energy and Environmental Design (LEED) and Indian Green Building Council (IGBC) norms.
- Some of our marquee clients include Mumbai International Airport, L&T, BPCL, HPCL, Lodha Developers, Reliance Industries Limited and Shapoorji Pallonji Group.
Vertical wise Bifurcation (Falcon TechnoProjects India Limited)
| FY 2022-23 | INR Lakhs | in %term |
| Government Sector | 225.21 | 13.62% |
| Private Sector | 1,428.29 | 86.38% |
| Total | 1,653.50 | 100.00% |
Customer dependency (Falcon TechnoProjects India Limited)
| Name of the Customer | Revenue (INR Crores) | % of total revenue |
| L&T Sea woods Pvt .Ltd. | 4.38 | 26.50% |
| Cow town Infotech Services Pvt .Ltd. | 3.84 | 23.20% |
| Reliance Projects & Property MGM (Gujarat) | 2.39 | 14.45% |
| Om Technical Solutions | 1.62 | 9.79% |
| Shapoorji Pallonji & Co. Pvt .Ltd. | 1.19 | 7.21% |
Group companies (Falcon TechnoProjects India Limited)
| Name | Registered Office Address |
| Falcon Design build India Private Limited | Unit No. 17/18, 1st Floor Keshav Building, VasudevSky High Complex, Beverly Park, Thane, Mira Road East, Maharashtra, India, 401107 |
| Falcon Electrocom and Security Solutions Private Limited | Unit No. 17/18, 1st Floor Keshav Building, Vasudev Sky High Complex, Beverly Park, Thane, Mira RoadEast, Maharashtra, India, 401107 |
| Falcon Group Private Limited | Building No. 2,1st Floor, Shop No.17/18, KeshavRamdev Park Road, Navghar Village, Thane, Mira Road East Thane, Maharashtra, India, 401107 |
| Falcon Outsourcing Solutions | A-504, Nira Complex, Goddev Road, New Golden NestRoad, Bhayendar East, Thane, Bhayander, Maharashtra, India, 401107 |
| Falcon Projects India (Partnership firm) | 504, Nira Complex, Near Golden Nest Police Chowky, Bhayander, East Thane, Maharashtra, India, 401107 |
Business risk factors (Falcon TechnoProjects India Limited)
- derive significant portion of our revenue from limited number of customers, the loss of one or more such customers, the deterioration of their financial position or prospects, or a reduction in their demand for our services could adversely affect business, financial position and future prospects of Company
- operate in a competitive environment and may not be able to effectively compete with similar companies, which could have a material adverse effect on our business, results of operations and financial condition
- Promoter Mr. Bharat Shreekishan Parihar plays a key role in our functioning and we heavily rely on his knowledge and experience in operating our business and therefore, it is critical for our business that our promoter remain associated with us.
- have experienced negative cash flows in the past. Any such negative cash flows in the future could affect our business, results of operations and prospects.
- Company has higher debt-equity ratio which requires significant cash flows to service our debts obligations, and this, together with the conditions and restrictions imposed by our financing arrangements, fluctuations in the interest rates may limit our ability to operate freely and grow our business.
| Particulars (Restated) | January 31, 2024 | March 31,2023 | March 31,2022 | March 31,2021 |
| Total borrowings (₹ in lakhs) | 781.04 | 1,232.02 | 962.81 | 729.75 |
| Debt-Equity Ratio (times) | 0.87 | 3.68 | 4.18 | 5.71 |
Competition
operate in a competitive environment having large number of organised and unorganised players. All the MEP contractors and services providers face competition in the domestic market. However, the Company’s brand image and proven track record of cordial relationships in the market is considered to be an advantage for us to access different geographies.
Financials (Falcon TechnoProjects India Limited)
Key Financial Ratios
| For the period ended January 31,2024 | As at March31, | |||
| Particulars (Restated) | ||||
| 2023 | 2022 | 2021 | ||
| Revenue from operations (₹ in Lakhs) | 1,033.81 | 1,653.50 | 2,286.19 | 943.14 |
| EBITDA(₹in Lakhs) | 192.50 | 238.70 | 216.24 | 101.90 |
| EBITDA Margin(%) | 18.62% | 14.44% | 9.46% | 10.80% |
| Restated Profit After Tax for the Year(₹in Lakhs) | 86.98 | 103.92 | 102.76 | 29.60 |
| PAT Margin% | 8.39% | 6.27% | 4.49% | 3.13% |
| Net Worth | 898.75 | 334.47 | 230.56 | 127.79 |
| Capita Employed | 1,679.79 | 1,566.50 | 1,193.37 | 857.55 |
| RoE(%) | 9.68% | 31.07% | 44.57% | 23.16% |
| RoCE(%) | 11.54% | 15.24% | 18.03% | 11.42% |
Balance Sheet
(₹ in Lakhs)
| Particulars | January 31, 2024 | March 31, 2023 | March 31, 2022 | March 31, 2021 |
| EQUITY AND LIABILITIES | ||||
| Share holder’s Fund | ||||
| Share Capital | 386.88 | 50.00 | 50.00 | 50.00 |
| Reserve and Surplus | 511.87 | 284.47 | 180.56 | 77.79 |
| Non-current liabilities | ||||
| Long Term Borrowings | 341.14 | 801.90 | 613.87 | 384.51 |
| Other Long Term Liabilities | 1.25 | 2.25 | 17.39 | 43.73 |
| Long Term Provision | 14.66 | 13.10 | 12.06 | 10.27 |
| Current liabilities | ||||
| Short Term Borrowings | 439.91 | 430.12 | 348.94 | 345.24 |
| Trade Payable | 344.57 | 478.03 | 828.46 | 684.62 |
| Other Current Liabilities | 62.54 | 84.72 | 89.39 | 108.79 |
| Short Term Provision | 40.92 | 39.01 | 38.86 | 15.17 |
| Total | 2,143.72 | 2,183.61 | 2,179.53 | 1,720.12 |
| ASSETS | ||||
| Non-current assets | ||||
| Property, Plant and Equipment and Intangible Assets | 202.00 | 385.10 | 388.14 | 393.10 |
| Non-Current Investments | 8.04 | 8.04 | 6.74 | 6.74 |
| Deferred Tax Assets (net) | 7.53 | 7.25 | 8.16 | 7.39 |
| Other Non-Current Assets | 106.04 | 288.74 | 154.25 | 172.30 |
| Current assets | ||||
| Inventories | 1,181.91 | 1,162.75 | 996.19 | 893.24 |
| Trade Receivables | 576.89 | 268.12 | 493.43 | 157.16 |
| Cash and Cash Equivalents | 6.66 | 15.98 | 15.23 | 2.87 |
| Short-Term Loans And Advances | 3.36 | 0.76 | 31.83 | 21.86 |
| Other Current Assets | 51.30 | 46.88 | 85.55 | 65.46 |
| Total | 2,143.72 | 2,183.61 | 2,179.53 | 1,720.12 |
Profit & Loss
(₹ in Lakhs, except %)
| For the period ended January 31, 2024 | March31, | |||
| Particulars (Restated) | 2023 | 2022 | 2021 | |
| Revenue from operations | 1,033.81 | 1,653.50 | 2,286.19 | 943.14 |
| EBITDA | 192.50 | 238.70 | 216.24 | 101.90 |
| EBITDA Margin | 18.62% | 14.44% | 9.46% | 10.80% |
| Restated Profit After Tax for the Year | 86.98 | 103.92 | 102.76 | 29.60 |
| PAT Margin | 8.39% | 6.27% | 4.49% | 3.13% |
| Net Worth | 898.75 | 334.47 | 230.56 | 127.79 |
| Capital Employed | 1,679.79 | 1,566.50 | 1,193.37 | 857.55 |
| RoE | 9.68% | 31.07% | 44.57% | 23.16% |
| RoCE | 11.54% | 15.24% | 18.03% | 11.42% |
Cash Flow (Falcon TechnoProjects India Limited)
(₹ in Lakhs)
| Particulars | 2022-23 | 2021-22 | 2020-21 |
| Net cash flow from/ (used in) operating activities | -67.65 | -153.96 | 315.53 |
| Net cash flow from/ (used in) investing activities | -1.30 | – | -251.39 |
| Net cash flow from/ (used in) financing activities | 69.70 | 166.32 | -70.00 |
| Net increase/(decrease) in cash and cash equivalents | 0.75 | 12.36 | –5.86 |
| Cash and cash equivalents at the beginning of the year | 15.23 | 2.87 | 8.72 |
| Cash and cash equivalents at the end of the year | 15.98 | 15.23 | 2.87 |
Capital structure
(Amount in ₹ Lakhs)
| Particulars | Pre-Issueas at January31, 2024 | As adjusted for the Proposed Issue |
| Borrowings | ||
| Current Borrowings | 368.24 | 368.24 |
| Non-Current Borrowings (including current maturity) | 412.81 | 412.81 |
| Total Borrowings | 781.04 | 781.04 |
| Shareholder’s Funds | ||
| Equity Share Capital | 386.88 | 535.68 |
| Reserve and Surplus | 511.87 | 1,732.03 |
| Total Shareholder’s Funds | 898.75 | 2,267.71 |
SWOT (Falcon TechnoProjects India Limited)
- Strengths:
- Specialization in mechanical, electrical, and plumbing (MEP) services.
- Operations across diverse industries such as nuclear power, construction, and petroleum refineries.
- Weaknesses:
- The MEP services segment is highly competitive and fragmented.
- Inconsistency in top and bottom lines for reported periods.
- Oportunities:
- The recent IPO could provide capital for expansion and growth.
- Increasing demand for MEP services in the growing infrastructure sector in India.
- Threats:
- Intense competition in the MEP services market.
- Economic fluctuations affecting the construction and infrastructure sectors.
IPO Details
Falcon Technoprojects India Limited IPO Details
| Detail | Information |
|---|---|
| Issue Type | Fixed Price Issue |
| Issue Size | ₹13.69 Crore |
| Issue of Shares | 1,488,000 Equity Shares |
| Face Value | ₹10 per Share |
| Issue Price | ₹92 per Share |
| Minimum Lot Size | 1200 Shares |
| Open Date | June 19, 2024 |
| Close Date | June 21, 2024 |
| Listing Exchange | NSE SME |
Why need of funds
(₹ in lakhs)
| Particulars | Amount |
| Gross Proceeds of the Issue | 1,368.96 |
| Less: Issue Related Expense | 61.58 |
| Net Proceeds of the Issue | 1,307.39 |
Litigations involved
Please refer DRHP page no.s 184-191
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I appreciate the thorough analysis.